Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state.
Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.
Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde field and Module III of the Espadarte field in the Campos Basin. This move restores Petrobras to 100% ownership and operatorship of these key assets, which currently produce roughly 55,000 barrels of oil per day.
Petrobras is keen on building its hydrocarbon reserves, as demonstrated by multiple rig deals with OFS giants Valaris (NYSE:VAL), Seadrill (NYSE:SDRL), Transocean (NYSE:RIG), Ventura Offshore and Constellation Oil Services. The Campos Basin find follows a string of recent exploratory successes for Petrobras, including an oil discovery in high-quality carbonate reservoirs (pre-salt) confirmed at the Pituau well in late March 2026.
Beyond the Campos Basin, the company is actively exploring the Equatorial Margin and has recently verified gas extensions in Colombia. The company’s ramped up exploration is part of its Strategic Plan to ensure national energy security and replenish reserves in mature producing basins during the energy transition.
Petrobras (PBR) stock is flying, with shares rocketing 83.5% in the year-to-date driven by exceptional operational performance in its pre-salt fields, high-dividend payouts and high oil prices. The company has maintained strong cash flows and rewarded investors despite fluctuating Oil & Gas prices, reinforcing its position as a top-performing energy stock.
Petrobras has seen massive output growth from its high-quality, low-cost pre-salt offshore assets like Búzios and Mero, which offer production costs below $40 per barrel. These assets accounted for over 80% of total production in 2015, and helped to drive overall oil and gas output up by 11%. The stock’s dividend yield of 5.60% is amongst the highest for E&P companies listed on the NYSE.
By Alex Kimani for Oilprice.com
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